Madica, an investment program tailored specifically for pre-seed African startups, has unveiled its inaugural investments in three promising companies. In line with its mission, each selected startup has received funding of up to $200,000 and gained access to Madica’s extensive 18-month company-building support program.
Launched in 2022 under the umbrella of Flourish Ventures, a global fintech venture capital firm, Madica aims to address key gaps within Africa’s startup ecosystem. The program targets challenges such as limited access to capital, a scarcity of investors, inadequate mentorship, and a lack of structured support, all of which are essential for nurturing innovation, entrepreneurship, and wealth creation across the continent.
The first cohort of investments made by Madica spans diverse sectors and showcases tech-enabled solutions designed to tackle pressing issues. Among the recipients are:
- Kola Market (Ghana): Founded by Marie-Reine Seshie, Kola Market is a B2B platform streamlining operations for SMEs.
- GoBEBA (Kenya): Co-founded by Lesley Mbogo and Peter Ndiang’ui, GoBEBA offers an e-commerce platform facilitating reliable doorstep delivery of essential utilities.
- NewForm Foods (South Africa): Founded by Brett Thompson and Tasneem Karodia, NewForm Foods enables food producers and retailers to develop and scale cultivated meat products cost-effectively.
Emmanuel Adegboye, Head of Madica, expressed enthusiasm for supporting exceptional African talent and unlocking untapped potential. He emphasized the program’s commitment to addressing the glaring imbalance in venture funding across Africa and expanding the reach of venture capital and founder mentorship.
Madica employs an inclusive application process, collaborating with local ecosystem stakeholders to identify and support entrepreneurs. Investments are made on a rolling basis throughout the year following a rigorous evaluation process, with plans to further invest in up to 10 additional startups this year.
To enhance its support infrastructure, Madica has bolstered its team capacity, including experts in portfolio success, communications, and investments. The program also organizes founder immersion trips, providing valuable opportunities for mentorship, networking, and pitching to global investors.
Brenda Wangari, leading Portfolio Success at Madica, highlighted the entrepreneurial spirit demonstrated by the first cohort of investments and emphasized the program’s dedication to fostering African startup growth through structured support, mentorship, and access to a vast network of resources.